2016 Q2 Form 10-Q Financial Statement

#000006198616000116 Filed on August 09, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $457.7M $477.7M
YoY Change -4.19% -52.83%
Cost Of Revenue $370.4M $379.9M
YoY Change -2.5% -48.8%
Gross Profit $87.30M $97.80M
YoY Change -10.74% -64.08%
Gross Profit Margin 19.07% 20.47%
Selling, General & Admin $73.40M $79.50M
YoY Change -7.67% -51.96%
% of Gross Profit 84.08% 81.29%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $12.20M $12.90M
YoY Change -5.43% -52.75%
% of Gross Profit 13.97% 13.19%
Operating Expenses $74.60M $80.10M
YoY Change -6.87% -54.07%
Operating Profit $3.900M $17.10M
YoY Change -77.19% -82.08%
Interest Expense $9.900M $24.00M
YoY Change -58.75% -4.38%
% of Operating Profit 253.85% 140.35%
Other Income/Expense, Net -$8.200M -$22.20M
YoY Change -63.06% -24.23%
Pretax Income -$4.300M -$5.100M
YoY Change -15.69% -107.72%
Income Tax $700.0K -$700.0K
% Of Pretax Income
Net Earnings -$5.800M $23.30M
YoY Change -124.89% -50.0%
Net Earnings / Revenue -1.27% 4.88%
Basic Earnings Per Share -$0.04 $0.19
Diluted Earnings Per Share -$0.04 $0.19
COMMON SHARES
Basic Shares Outstanding 137.1M shares 136.1M shares
Diluted Shares Outstanding 137.1M shares 138.0M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $40.80M $67.70M
YoY Change -39.73% -34.59%
Cash & Equivalents $40.80M $67.70M
Short-Term Investments
Other Short-Term Assets $45.20M $129.5M
YoY Change -65.1% 2.61%
Inventory $499.9M $743.4M
Prepaid Expenses
Receivables $189.7M $251.0M
Other Receivables $58.20M $0.00
Total Short-Term Assets $850.1M $1.281B
YoY Change -33.62% -14.17%
LONG-TERM ASSETS
Property, Plant & Equipment $415.4M $569.5M
YoY Change -27.06% -5.34%
Goodwill $307.5M $1.185B
YoY Change -74.05% -2.74%
Intangibles $118.7M $687.7M
YoY Change -82.74% -8.2%
Long-Term Investments
YoY Change
Other Assets $68.60M $122.8M
YoY Change -44.14% -3.08%
Total Long-Term Assets $915.8M $2.565B
YoY Change -64.29% -4.85%
TOTAL ASSETS
Total Short-Term Assets $850.1M $1.281B
Total Long-Term Assets $915.8M $2.565B
Total Assets $1.766B $3.846B
YoY Change -54.08% -8.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $228.7M $435.2M
YoY Change -47.45% -16.0%
Accrued Expenses $148.5M $290.9M
YoY Change -48.95% 4.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $17.20M $67.50M
YoY Change -74.52% -9.64%
Total Short-Term Liabilities $482.9M $970.1M
YoY Change -50.22% -7.37%
LONG-TERM LIABILITIES
Long-Term Debt $275.0M $1.561B
YoY Change -82.39% -10.62%
Other Long-Term Liabilities $77.80M $107.2M
YoY Change -27.43% -20.12%
Total Long-Term Liabilities $531.7M $2.076B
YoY Change -74.39% -9.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $482.9M $970.1M
Total Long-Term Liabilities $531.7M $2.076B
Total Liabilities $1.015B $3.046B
YoY Change -66.69% -8.86%
SHAREHOLDERS EQUITY
Retained Earnings $378.3M $501.8M
YoY Change -24.61% 28.34%
Common Stock $565.6M $550.7M
YoY Change 2.71% 3.09%
Preferred Stock
YoY Change
Treasury Stock (at cost) $69.20M $71.60M
YoY Change -3.35% -3.11%
Treasury Stock Shares 25.60M shares 26.59M shares
Shareholders Equity $751.3M $799.2M
YoY Change
Total Liabilities & Shareholders Equity $1.766B $3.846B
YoY Change -54.08% -8.17%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$5.800M $23.30M
YoY Change -124.89% -50.0%
Depreciation, Depletion And Amortization $12.20M $12.90M
YoY Change -5.43% -52.75%
Cash From Operating Activities -$16.30M $55.50M
YoY Change -129.37% -23.13%
INVESTING ACTIVITIES
Capital Expenditures -$13.80M -$14.00M
YoY Change -1.43% -23.5%
Acquisitions
YoY Change
Other Investing Activities $0.00 $2.600M
YoY Change -100.0% 136.36%
Cash From Investing Activities -$13.80M -$11.40M
YoY Change 21.05% -33.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -15.90M -47.40M
YoY Change -66.46% 56.44%
NET CHANGE
Cash From Operating Activities -16.30M 55.50M
Cash From Investing Activities -13.80M -11.40M
Cash From Financing Activities -15.90M -47.40M
Net Change In Cash -46.00M -3.300M
YoY Change 1293.94% -113.36%
FREE CASH FLOW
Cash From Operating Activities -$16.30M $55.50M
Capital Expenditures -$13.80M -$14.00M
Free Cash Flow -$2.500M $69.50M
YoY Change -103.6% -23.2%

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us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD
CY2015 us-gaap Goodwill Translation Adjustments
GoodwillTranslationAdjustments
-18800000 USD
us-gaap Goodwill Translation Adjustments
GoodwillTranslationAdjustments
1000000 USD
CY2015Q2 us-gaap Gross Profit
GrossProfit
94900000 USD
us-gaap Gross Profit
GrossProfit
170300000 USD
CY2016Q2 us-gaap Gross Profit
GrossProfit
88200000 USD
us-gaap Gross Profit
GrossProfit
170100000 USD
CY2015Q4 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
42900000 USD
CY2016Q2 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
38500000 USD
CY2015Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-32900000 USD
CY2015Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-8000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-40900000 USD
CY2016Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-82800000 USD
CY2016Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-3400000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-86200000 USD
CY2015Q1 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-23400000 USD
CY2015Q2 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-6300000 USD
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-29700000 USD
CY2016Q1 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-204300000 USD
CY2016Q2 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-4100000 USD
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-208400000 USD
CY2015Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.17
CY2015Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.05
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.22
CY2016Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-1.50
CY2016Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.03
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-1.52
CY2015Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.17
CY2015Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.05
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.22
CY2016Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-1.50
CY2016Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.03
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-1.52
CY2015Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.11
CY2015Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.22
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.33
CY2016Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
-0.02
CY2016Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
-0.01
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
-0.03
CY2015Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.11
CY2015Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.21
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.32
CY2016Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
-0.02
CY2016Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
-0.01
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
-0.03
CY2015Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-9500000 USD
CY2015Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1700000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-11200000 USD
CY2016Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
121500000 USD
CY2016Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
700000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
122200000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
7500000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-40800000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1000000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
33300000 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
22200000 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
900000 USD
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-32800000 USD
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-125200000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
95600000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
43000000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
8900000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
2200000 USD
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-3300000 USD
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-300000 USD
CY2015Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1855038 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1543827 shares
CY2016Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2015Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
162600000 USD
CY2016Q2 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
163700000 USD
CY2015Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
119300000 USD
CY2016Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
118700000 USD
CY2015Q2 us-gaap Interest Expense
InterestExpense
24000000 USD
us-gaap Interest Expense
InterestExpense
47300000 USD
CY2016Q2 us-gaap Interest Expense
InterestExpense
9900000 USD
us-gaap Interest Expense
InterestExpense
19600000 USD
CY2015Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
13200000 USD
CY2016Q2 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
12300000 USD
CY2015Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
263800000 USD
CY2016Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
343600000 USD
CY2015Q4 us-gaap Inventory Gross
InventoryGross
535400000 USD
CY2016Q2 us-gaap Inventory Gross
InventoryGross
582800000 USD
CY2015Q4 us-gaap Inventory Lifo Reserve
InventoryLIFOReserve
36600000 USD
CY2016Q2 us-gaap Inventory Lifo Reserve
InventoryLIFOReserve
33500000 USD
CY2015Q4 us-gaap Inventory Net
InventoryNet
452600000 USD
CY2016Q2 us-gaap Inventory Net
InventoryNet
499900000 USD
CY2015Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
155300000 USD
CY2016Q2 us-gaap Inventory Raw Materials
InventoryRawMaterials
126300000 USD
CY2015Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
46200000 USD
CY2015Q4 us-gaap Liabilities Of Disposal Group Including Discontinued Operation Current
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent
312000000 USD
CY2016Q2 us-gaap Liabilities Of Disposal Group Including Discontinued Operation Current
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent
0 USD
CY2016Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
49400000 USD
CY2015Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
116300000 USD
CY2016Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
112900000 USD
CY2015Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
3539700000 USD
CY2016Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
1765900000 USD
CY2015Q4 us-gaap Liabilities Current
LiabilitiesCurrent
883600000 USD
CY2016Q2 us-gaap Liabilities Current
LiabilitiesCurrent
482900000 USD
CY2015Q4 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
1836600000 USD
CY2016Q2 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
531700000 USD
CY2015Q4 us-gaap Liabilities Of Disposal Group Including Discontinued Operation Noncurrent
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationNoncurrent
219800000 USD
CY2016Q2 us-gaap Liabilities Of Disposal Group Including Discontinued Operation Noncurrent
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationNoncurrent
0 USD
CY2015Q4 us-gaap Litigation Reserve Current
LitigationReserveCurrent
21900000 USD
CY2016Q2 us-gaap Litigation Reserve Current
LitigationReserveCurrent
22100000 USD
CY2015Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
1330400000 USD
CY2016Q2 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
275000000 USD
us-gaap Maximum Length Of Time Hedged In Cash Flow Hedge1
MaximumLengthOfTimeHedgedInCashFlowHedge1
P24M
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
103600000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
228600000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
103400000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
228400000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-21100000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-25900000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-14100000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-23500000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-80200000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-226500000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-39600000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-162600000 USD
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
23300000 USD
us-gaap Net Income Loss
NetIncomeLoss
14900000 USD
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
-4900000 USD
us-gaap Net Income Loss
NetIncomeLoss
-212400000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
51200000 USD
CY2015Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-8400000 USD
CY2015Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
23300000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
14900000 USD
CY2016Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-207500000 USD
CY2016Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-4900000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-212400000 USD
CY2015Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-22200000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-46800000 USD
CY2016Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-8200000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-94000000 USD
CY2015Q4 us-gaap Notes And Loans Receivable Net Current
NotesAndLoansReceivableNetCurrent
59700000 USD
CY2016Q2 us-gaap Notes And Loans Receivable Net Current
NotesAndLoansReceivableNetCurrent
58200000 USD
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
14200000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
5900000 USD
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
4800000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
7800000 USD
CY2015Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
67900000 USD
CY2016Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
65300000 USD
CY2015Q4 us-gaap Other Assets Current
OtherAssetsCurrent
43000000 USD
CY2016Q2 us-gaap Other Assets Current
OtherAssetsCurrent
45200000 USD
CY2015Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
182600000 USD
CY2016Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
68600000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
4300000 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
200000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
-100000 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
1500000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax
2500000 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax
-200000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax
0 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax
0 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
8600000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-54200000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-17400000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
31800000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
14300000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-51200000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-16300000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
35700000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-1400000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-2800000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-1200000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-2400000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
-500000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
-1000000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
0 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
0 USD
CY2015Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
87300000 USD
CY2016Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
77800000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-6100000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
4500000 USD
CY2015Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2800000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2600000 USD
CY2016Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2100000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
3200000 USD
CY2015Q2 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
100000 USD
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
100000 USD
CY2016Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
3500000.0 shares
CY2015 us-gaap Proceeds From Accounts Receivable Securitization
ProceedsFromAccountsReceivableSecuritization
64200000 USD
us-gaap Proceeds From Accounts Receivable Securitization
ProceedsFromAccountsReceivableSecuritization
45900000 USD
CY2016Q2 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-400000 USD
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-1800000 USD
CY2015Q4 us-gaap Other Postretirement Defined Benefit Plan Liabilities Noncurrent
OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent
44400000 USD
CY2016Q2 us-gaap Other Postretirement Defined Benefit Plan Liabilities Noncurrent
OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent
37100000 USD
us-gaap Payments For Restructuring
PaymentsForRestructuring
8400000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
8300000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
22500000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
24700000 USD
CY2016Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
us-gaap Proceeds From Contributions From Affiliates
ProceedsFromContributionsFromAffiliates
0 USD
us-gaap Proceeds From Contributions From Affiliates
ProceedsFromContributionsFromAffiliates
1361700000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
1400000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
261100000 USD
us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
142000000 USD
us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
0 USD
us-gaap Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
-9300000 USD
us-gaap Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
-5000000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
5100000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
900000 USD
CY2015Q4 us-gaap Product Liability Contingency Accrual Present Value
ProductLiabilityContingencyAccrualPresentValue
21900000 USD
CY2016Q2 us-gaap Product Liability Contingency Accrual Present Value
ProductLiabilityContingencyAccrualPresentValue
22100000 USD
CY2015Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
35900000 USD
CY2016Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
38300000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
410700000 USD
CY2016Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
415400000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
34600000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1365900000 USD
CY2015Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
16900000 USD
CY2016Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
16300000 USD
CY2015Q2 us-gaap Restructuring Charges
RestructuringCharges
600000 USD
us-gaap Restructuring Charges
RestructuringCharges
800000 USD
CY2016Q2 us-gaap Restructuring Charges
RestructuringCharges
8800000 USD
us-gaap Restructuring Charges
RestructuringCharges
13200000 USD
CY2015Q4 us-gaap Restructuring Reserve
RestructuringReserve
6500000 USD
CY2016Q2 us-gaap Restructuring Reserve
RestructuringReserve
11300000 USD
CY2015Q4 us-gaap Restructuring Reserve Current
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6500000 USD
CY2016Q2 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
11300000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
539500000 USD
CY2016Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
378300000 USD
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
477700000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
884400000 USD
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
457700000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
885100000 USD
CY2014Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
50200000 USD
CY2015Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
43900000 USD
CY2016Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
45900000 USD
CY2015 us-gaap Standard Product Warranty Accrual Currency Translation Increase Decrease
StandardProductWarrantyAccrualCurrencyTranslationIncreaseDecrease
-3400000 USD
us-gaap Standard Product Warranty Accrual Currency Translation Increase Decrease
StandardProductWarrantyAccrualCurrencyTranslationIncreaseDecrease
400000 USD
CY2015 us-gaap Standard Product Warranty Accrual Payments
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52700000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
21900000 USD
CY2015 us-gaap Standard Product Warranty Accrual Warranties Issued
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49800000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
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23500000 USD
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2400000.0 shares
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
819500000 USD
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
751300000 USD
CY2015Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
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CY2016Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
25599287 shares
CY2015Q4 us-gaap Treasury Stock Value
TreasuryStockValue
71600000 USD
CY2016Q2 us-gaap Treasury Stock Value
TreasuryStockValue
69200000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
19400000 USD
CY2016Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
16400000 USD
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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120200000 USD
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
137985899 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
137431565 shares
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
137138220 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
136869066 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
136130861 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
135887738 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
137138220 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
136869066 shares
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Recent Accounting Changes and Pronouncements</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. In August 2015, the FASB issued ASU No. 2015-14, Deferral of the Effective Date, which amends ASU No. 2014-09. As a result, the effective date will be the first quarter of fiscal year 2019 with early adoption permitted in the first quarter of fiscal year 2018. In March 2016, the FASB issued ASU No. 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net), which amends ASU 2014-09. ASU No. 2016-08 provides additional guidance for revenue transactions that involve a third party in providing goods or services to a customer. The reporting entity must determine if the obligation to the customer is to provide the goods or services, i.e., as the principal, or to arrange for a third party to provide the goods or services, i.e., as the agent. In April 2016, the FASB issued ASU No. 2016-10, Identifying Performance Obligations and Licensing, which amends ASU 2014-09. ASU No. 2016-10 clarifies that goods or services that are immaterial in the context of the contract are not required to be identified as separate performance obligations. In addition, the ASU provides an accounting policy election to treat shipping and handling activities as a fulfillment cost and not part of the revenue transaction. The ASU also provides guidance regarding licensing arrangements to determine whether the license grants the right to use functional or symbolic intellectual property. Revenue for licenses of functional intellectual property, such as software, is generally recognized at a point in time, while revenue for licenses of symbolic intellectual property, such as tradenames, is generally recognized over time. In May 2016, the FASB issued ASU No. 2016-12, Narrow-Scope Improvements and Practical Expedients, which amends ASU 2014-09. This ASU clarifies the requirement to assess collectability of contract consideration, clarifies the treatment of noncash consideration and provides a policy election to exclude from revenue amounts collected from customers for sales and similar taxes. The adoption will use one of two retrospective application methods. The Company is evaluating the potential effects of these ASUs on the consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2016, the FASB issued ASU 2016-11 - "Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting (SEC Update)." This ASU discusses rescission of revenue and expense recognition for freight services, rescission of presentation of shipping and handling fees billed to a customer (classify as revenue only for those entities that record revenue based on gross amount billed to customer; classification of costs is an accounting policy decision, rescission of accounting by a customer for certain consideration received from a vendor (expense associated with a free product or service delivered at time of sale of another good or service should be classified as cost of sales) and rescission of accounting for gas-balancing arrangements. The Company is evaluating the impact the adoption of this ASU will have on its consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2016, the FASB issued ASU 2016-09 - "Compensation-Stock Compensation" (Topic 718): Improvements to Employee Share-Based Payment Accounting." This update is part of the Simplification Initiative, and its objective is to identify, evaluate and improve areas of GAAP for which cost and complexity can be reduced while maintaining or improving usefulness of the information provided to users of financial statements. The update involves several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The effective date for this ASU is for annual periods beginning after December 15, 2016 and interim periods within those annual periods. Early adoption is permitted. The Company is evaluating the impact the adoption of this ASU will have on its consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2016, the FASB issued ASU No. 2016-06 - "Derivatives and Hedging: Contingent Put and Call Options in Debt Instruments." The amendments clarify the steps required to assess whether a call or put option meets the criteria for bifurcation as an embedded derivative. The ASU is effective for fiscal years and interim periods within those years beginning after December 15, 2016. The Company is evaluating the impact, if any, the adoption of this ASU will have on its consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued ASU 2016-02 - "Leases", which is intended to improve financial reporting on leasing transactions. This standard requires a lessee to record on the balance sheet the assets and liabilities for the rights and obligations created by lease terms of more than 12 months. This standard will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is evaluating the impact the adoption of this ASU will have on its consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2016, the FASB issued ASU 2016-01 - "Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities." ASU 2016-01 amends various aspects of the recognition, measurement, presentation, and disclosure for financial instruments. Most significantly, ASU 2016-01 requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of an investee) to be measured at fair value with changes in fair value recognized in net income (loss). ASU 2016-01 is effective for annual reporting periods, and interim periods within those years beginning after December 15, 2017. The Company is evaluating the impact the adoption of this ASU will have on its consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2015, the FASB issued ASU No. 2015-15 - &#8220;Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements.&#8221; This update clarifies the guidance related to accounting for debt issuance costs related to line-of-credit arrangements. In April 2015, the FASB issued ASU 2015-03, which requires entities to present debt issuance costs related to a recognized debt liability as a direct deduction from the carrying amount of that debt liability; see further discussion of ASU 2015-03 below. The guidance in ASU 2015-03 did not address presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. Given the absence of authoritative guidance within ASU 2015-03 for debt issuance costs related to line-of-credit arrangements, the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The amendments in this ASU are effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015, with early application permitted. The guidance will be applied on a retrospective basis. The Company adopted this guidance as required beginning January 1, 2016. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In July 2015, the FASB issued ASU No. 2015-1 - &#8220;Inventory (Topic 330): Simplifying the Measurement of Inventory.&#8221; This update changes the guidance on accounting for inventory accounted for on a first-in first-out (FIFO) basis. Under the revised standard, an entity should measure FIFO inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured on a last-in, first-out (LIFO) basis. The amendments in this ASU are effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2016. The Company believes the adoption of this ASU will not have a material impact on its consolidated financial statements. </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In April 2015, the FASB issued ASU No. 2015-05 - &#8220;Customer&#8217;s Accounting for Fees Paid in a Cloud Computing Arrangement.&#8221; This update provides guidance on accounting for a software license in a cloud computing arrangement. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. Further, all software licenses are within the scope of Accounting Standards Codification Subtopic 350-40 and will be accounted for consistent with other licenses of intangible assets. The amendments in this ASU are effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. The Company adopted this guidance as required beginning January 1, 2016. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements. </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In April 2015, the FASB issued ASU No. 2015-03 - &#8220;Simplifying the Presentation of Debt Issuance Costs.&#8221; To simplify the presentation of debt issuance costs, this update requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts, rather than as a deferred asset. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. The amendments in this ASU are effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015, with early application permitted. The guidance will be applied on a retrospective basis. The Company adopted this guidance as required beginning January 1, 2016. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2015, the FASB issued ASU No. 2015-02 - &#8220;Consolidation (Topic 820)&#8212;Amendments to the Consolidation Analysis.&#8221; This update amends the current consolidation guidance for both the variable interest entity (VIE) and voting interest entity (VOE) consolidation models. The amendments in this ASU are effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. The Company adopted this guidance as required beginning January 1, 2016. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2015, the FASB issued ASU No. 2015-01 - &#8220;Income Statement&#8212;Extraordinary and Unusual Items.&#8221; This update eliminates from GAAP the concept of extraordinary items. ASU 2015-01 is effective for the first interim period within fiscal years beginning after December 15, 2015, with early adoption permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. A reporting entity may apply the amendments prospectively or retrospectively to all prior periods presented in the financial statements. The Company adopted this guidance as required beginning January 1, 2016. The adoption of this guidance did not have a material impact on the Company's consolidated financial statement</font></div></div>

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